What can I do to get pre-approved to acquire a USDA Rural housing loan in Cottondale, FL?
It’s honestly still very easy taking into account all the new changes that have happened in the mortgage market place over the past 6 years. Mortgage loans in 2013 are “back to basics” in most instances. Gone are the days of being approved for a loan without having income, poor credit, etc. Buyers today that have really good credit, reliable documentation of earnings and reasonable debt routinely have no issue acquiring pre-qualification for a mortgage loan today.
All Government home mortgages (FHA, VA and USDA) largely need the same things when getting pre-approval.
Here are a lot of tips to think about when searching for a government loan.
Your Credit Evaluation
In many instances a 640 FICO score is necessary to get pre-approved for the government home mortgages today, including USDA, VA and FHA. Nevertheless don’t forget that a 640 overall credit score doesn’t assure you mortgage loan acceptance as all banks and lenders have more waiting demands in regards to homebuyers that have any past personal bankruptcy, foreclosed property, or short sales. Even more time is usually needed for USDA Rural loans. A clear Twelve month payment history on all other credit trade lines is essential to keep up with.
It must be reliable and documentable in 2013. The times of said income or loans without documentation are gone forever. Documenting income adequately may create a dilemma with self-employed or 1099 persons, in particular those who’ve not been independently employed for at least a two year period. Finance companies and banks typically want to see a 2 year employment history. Small gaps in your entire employment history might be okay, so long as the gap is not too lengthy, or unexplainable. Fresh college graduates tend to be exempt within the Two year employment history rule.
100% USDA Home loans
These plans are offered to any type of home buyer wishing to purchase a dwelling within a rural recognized location. Click here for the USDA eligibility map. USDA loans will have income guidelines depending on number of family members in the home, region, etc. Please click here for more information on FL USDA income limits. USDA, in addition to VA, have become the only two home mortgages in Florida that offer 100% loans with NO downpayment.
More Jackson County and Cottondale, Florida mortgage options:
These loans are found up and down Florida to any homebuyer that is eligible. FHA mortgages have to have a min 3.5% down-payment, there are no income limitations, restrictions or location rules. Contact us to learn all about FHA loan regulations in the state of Florida.
VA Home mortgages
Accessible to all eligible past and existing military members. Please contact us to find out about VA mortgage loans in Florida.
Home owners that presently have a USDA, FHA and VA loan ought to examine the wide range of simplified refinance choices available at this time. These kinds of programs will allow home owners to re-finance REGARDLESS of the mortgage loan to value ratio. If you now have a USDA Home mortgage, contact us to learn about the Pilot program. Interest rates are now at all time low levels!